Subhash Pareta, Kota
any violation of the provisions of section 269SS and section 269T of the
Act, as the case may be, in the course ... impugned addition- Held, yes [ para9][In favour of assessee]
Section 269SS , read with section 269T , of the Income-tax Act, 1961-
deposits -Mode of taking
erred in confirming the
levy of penalty u/s 271E or contravention of provision of section 269T of the Act.
2. Brief facts ... book entry do not attract the violation of provision of
section 269SS and section 269T , hence, no penalty can be levied against the
assessee
father and son are not considered for the purpose of section 269SS and
section 269T of the Act, because they are not "other Person ... such a circumstances it was held
that provisions of section 271E read with Section 269T of the Act do not apply.
However
under section 271E of the
Act on account of contravention of the provisions of section 269T of the
Act.
4. The facts relevant to appreciate ... penalty under section 271D of the Act
which related to violation of section 269SS of the Act. In
contradistinction to section 269T prohibiting repayment
reasonable cause for non adherence to the provisions of
Section 269 '55 and Section 269T of the Act''.
5. Now before ... opinion that
penalty u/s. 271D as well as 271E of the Act for violation of Sec. 269SS
and 269T of the Act were rightly
Section 275(1)(a) and Clause
(b) of Sub-section (1) of Section 275 is significantly missing from Clause (c)
of Section ... repayment of loan or deposits within the meaning of Section
269SS or Section 269T and on the ground that limitation under Section
Assessing Officer initiated penalty
proceedings for violating the provisions of section 269T of the Act. The
Assessing Officer vide order dated 10-01-2014 levied ... Shri Gangaram Misale in
cash in violation of provisions of section 269T of the Act. Hence, the
penalty u/s. 271E
hence do not attract the mischief of the provisions of Section 269SS and Section 269T respectively is not a valid proposition. The Act mentions ... deposit'. Hence, in my considered view the provisions of Section 269SS and Section 269T of the Act clearly get attracted at the threshold level
invoking
provisions of section 271(E) for alleged contravention of the provisions of
section 269T by disregarding appellants contention in this regard ... plea of assessee, since he had violated the provisions of
section 269T of the Act in making the cash payments to credit cooperative
societies
your honour concerning to imposition of penalty
under section 271E for the alleged breach of section 269T of the Act
(hereinafter called ... such
the same cannot be hit by the provisions of section 269T .
Accordingly there was no case to invoke the provisions of
section 271E
